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Elon Musk's Endorsement Pushes Bitcoin to Nearly $110K
Bitcoin, the leading cryptocurrency, approached the $110,000 milestone earlier today after centibillionaire Elon Musk stated that it would be part of his newly formed "American Party."
Musk has stated that fiat money is hopeless, which is why he is embracing Bitcoin
The Tesla CEO formed the new party after breaking with the Republican Party following his harsh criticism of the controversial tax and budget bill that is expected to substantially increase the ballooning deficit
Satoshi Action Fund CEO Dennis Porter described this as a "massive" development for the leading cryptocurrency
Bitcoin is already enjoying strong political support within the Republican Party, which is pushing for making the US the crypto capital of the world.
Musk, a longtime Bitcoin holder, could further solidify a case for making Bitcoin a politically relevant issue
Tesla, which originally bought BTC in 2021, remains in the top 10 of the largest corporate holders
As reported by U.Today, Musk also allegedly liked a post about him secretly buying Bitcoin
Dogecoin (DOGE), the meme cryptocurrency often touted by Musk, also rallied on the news